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Update on MidWest America FCU's 7.01% Reward Checking Account

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MidWest America Federal Credit Union
Update 10/01/08: The yield has fallen to 6.31% APY.

MidWest America Federal Credit Union continues to offer the nation's highest yield reward checking account. The yield is 7.01% APY for balances up to $25,000. This yield has been maintained since my first post of this credit union on February 3rd.

Last week the commenter cjdtech noted that in the credit union's field of membership page it included the following organization: Allen County Society for the Prevention of Cruelty to Animals (SPCA) [Employees, Volunteers & Members].

Since there has been many cases in the past in which a credit union's membership page incorrectly includes members of an organization as eligible, I sent an email to confirm. I specifically asked them to confirm if members in addition to employees and volunteers of the Allen County SPCA qualify for credit union membership. I also asked if membership and the reward checking account can be opened by mail. Here is the response:
Yes you are correct, either by volunteering or being employed with the SPCA will qualify you for membership.

There is an online Application for membership along with other printable forms such as A.R.T and CUA which is necessary to signup for if opening the Reward Checking.

You may do all this by mail, however your signature will need to be notarized. Also copies of your drivers license and social security card will need to accompany the membership application.

You will also need to send in the $5.00 Share deposit for the membership with MidWest America FCU which will remain on hold in the account until such a time you choose to close the account.

Yes the reward checking may also be opened by mail.

There have also been cases in the past where customer service reps have been wrong or the management decides to change the qualification. But until I hear otherwise, I'm including this reward checking account as available nationwide. It's now on my nationwide reward checking account list.

Update 7/18/08: A reader has received further confirmation that SPCA membership can qualify you for credit union membership. Please refer to the reader's comment.

Here's the Allen County SPCA website. An individual membership costs $25, and it can be done online with payment via PayPal or a major credit card. In the credit union membership's page it states "Once you have become a member, you are a member for life!" As is common with all credit unions, once you qualify for membership via an association, you don't have to remain a member of that association to retain credit union membership.

If you have a 6% reward checking account now, the extra 1% for a $25K deposit would result in an extra $250 per year. However, this assumes they'll keep the 7%. It has some history, but there doesn't seem to be any guarantee for the rate to last. Like any checking account, the rate can change at any time.

For the full review of this credit union and reward checking account, please refer to my February post.

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

  Tags: MidWest America Federal Credit Union, checking account

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